At £660m, the healthcare-targeting fund is almost twice the size of its £360m predecessor.
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Investors include Dutch and UK family offices, and a university holding company.
The firm, founded by a former co-head of US healthcare at Apax Partners, has fund commitments from LACERS and Los Angeles Police & Fire.
The Dutch healthcare firm hit the hard-cap on its latest fund and has attracted Philips as a cornerstone investor.
The GP had initially targeted a hard-cap of $9.1 billion for its seventh flagship fund.
Last year, the firm was involved in two of the biggest European life science company exits to date.
Medicxi Ventures has become a standalone firm and closed a €210m fund which includes GSK and J&J Innovations as investors.
The fund, which is the US healthcare specialist’s second, exceeded its initial target of $325m.
The Shanghai-based venture firm has invested over $600m in more than 50 healthcare companies over the last seven years.
The innovative fund will be able to invest in both licensing and spin-out projects, and has the potential to draw on co-investment capital from its two main LP sponsors.